SYF to develop RM160m project in Sungai Long

PETALING JAYA: SYF Resources Bhd will jointly develop 8.09 acres of freehold land in Sungai Long, Cheras into a residential project with a gross development value (GDV) of RM160 million.
Its unit, SYF Development Sdn Bhd, had signed joint venture agreements with Luxmark View Sdn Bhd and Sheeco Properties Sdn Bhd to develop the land.
SYF Development will carry out a residential project comprising of condominiums and Rumah Selangorku on the site.
"The total landowners' entitlement of RM31.08 million has been arrived at on a negotiated basis and takes into account the expected GDV of a minimum of RM160 million," it told Bursa Malaysia yesterday.
The landowners, Luxmark and Sheeco, are entitled to RM16.2 million and RM14.88 million, respectively. Luxmark owns about 4.2 acres of the land, while the balance 3.9 acres is owned by Sheeco.
"Such entitlement will be paid progressively from the collection of sales proceeds arising from the future development of the land," it said.
The company expects the project to be completed within four years, after acquiring approval of the building plans, which will be obtained within two years of the date of the agreements.
"There will be no effect on the net profit, net assets and earnings of the group, for the current financial year, as well as the forthcoming financial year ending July 31, 2015," it said.
The joint venture is expected to contribute positively to future earnings, thereafter, said SYF.
SYF Resources Bhd is involved in the manufacturing and trading of furniture and also property development.